For over a decade, the federal solar investment tax credit, more simply known as the ITC, has been a major catalyst for the solar industry's growth and one of the largest forces incentivizing solar installations across the nation. Thanks in part to the ITC, commercial solar adoption has increased exponentially. But this lucrative incentive is getting much smaller.
2020 marks the end of the current 26% rate after a drop last year from 30%. In 2021, the ITC drops again to 22% before landing permanently at 10% by 2022. So, if you want the fastest and biggest return on your commercial solar investment, this is the year to act. Given the demand on solar installers in this 26% year, the sooner you start your commercial solar project, the better.
With help from our friends at SunPower, we've assembled this fantastic infographic that explains why you should act now if you want to claim the 26% tax credit. Claiming the full 26% will result in the biggest and fastest return on your commercial solar investment.
With the 26% ITC coming to an end, 2020 is surely the most important year for solar in more than a decade. Contact a member of our commercial solar team to schedule a consultation and start your solar project today!